Top reasons for West Kensington lease extension

Why you should start your West Kensington lease extension today:

A West Kensington lease depreciates with the years remaining on the lease.

The value of West Kensington leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can increase significantly once the unexpired lease term is less than eighty years

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with over 100 years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years in the future.

Lending institutions will not loan monies on a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet mortgage lenders start to become concerned at around 75 years. This may be problematic as and when you come to sell or refinance your property as it will be practically unmortgageable. You might have no immediate plan to sell but when you do your buyer must hold off for a couple of years before they can commence the legal procedures for a lease extension.

What makes us experts in West Kensington lease extensions?

Lease extensions in West Kensington can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience procuring West Kensington lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

West Kensington Lease Extension Case Studies:

Daisy, West Kensington, West London,

Trailing protracted negotiations with the freeholder of her first floor apartment in West Kensington, Daisy initiated the lease extension process just as the lease was coming close to the all-important eighty-year threshold. The legal work completed in July 2009. The freeholder’s charges were kept to an absolute minimum.

West Kensington case:

Last year we were phoned by Mr P Bennett , who bought a recently refurbished apartment in West Kensington in April 2001. We are asked if we could shed any light on how much (roughly) premium could be for a ninety year lease extension. Identical residencies in West Kensington with a long lease were valued about £189,000. The average ground rent payable was £55 collected annually. The lease came to a finish on 28 July 2079. Having 53 years outstanding we calculated the premium to the landlord to extend the lease to be within £28,500 and £33,000 exclusive of costs.